List of 222 hydrogen energy concept stocks Another city participated in the operation of hydrogen refueling stations, and the first demonstration hydrogen refueling station in Guangzhou was officially put into use on May 16th. The Shanghai Securities Journal reporter learned that in addition to Anhui and Sichuan, which have been clearly published recently, Shandong and Jiangsu are also planning to introduce policies to support the development of hydrogen energy industry, including hydrogen refueling stations.
Industry insiders told the Shanghai Securities Journal that with the vigorous promotion of the government and enterprises, there is no doubt that the development of the hydrogen energy industry has accelerated, and it is expected that the market will complete the goal of adding 5, hydrogen fuel cell vehicles this year.
Industrial chain support policies are extended in various places
Since last year, several provinces and cities have issued plans for hydrogen energy industry. After the two sessions of the National People's Congress this year, the speed of participation in various places has obviously accelerated.
For example, the Opinions on Vigorously Supporting the Development of Hydrogen Fuel Cell Industry issued by Lu 'an, Anhui Province recently proposed that the maximum financial subsidy for hydrogen refueling stations should not exceed 4 million yuan. Previously, Nanhai, Foshan, Guangdong, gave a maximum subsidy of 8 million yuan to a newly built single hydrogen refueling station in the region.
The reporter of the Shanghai Stock Exchange noted that in addition to Anhui and Sichuan, which have issued clear documents recently, Shandong and Jiangsu are also planning to introduce policies to support the development of hydrogen energy industry, including hydrogen refueling stations.
"After the country clearly released the signal to develop the hydrogen energy industry, some provinces and cities have made special visits to those cities with development experience for many times, which shows that they are very willing to promote it, such as Shandong and Shanxi. In local policies, subsidies for hydrogen refueling stations are very beneficial to the development of the industry. In particular, local subsidies for hydrogen fuel cell vehicles will not be limited by the subsidy ratio. In addition, the subsidies for hydrogen fuel cell vehicles are not affected by the decline and withdrawal of subsidies for new energy vehicles. " The above-mentioned insiders told the Shanghai Securities Journal reporter.
China has been vigorously developing the hydrogen energy industry since 217. According to public data, there are currently 45 hydrogen refueling stations built and under construction. It is estimated that by 225, the total number of hydrogen refueling stations in China will reach 3.
in addition to hydrogen refueling stations, local governments are also extending their support to the whole hydrogen energy industry chain. The "Implementation Plan for Fighting Pollution Control of Diesel Trucks in Sichuan Province (Draft for Comment)" issued by Sichuan recently mentioned that demonstration operation of fuel cell trucks and construction of hydrogenation demonstration stations should be encouraged; Support technical research on alternative fuels, hybrid power, pure electric power and fuel cells, encourage the development of special engines for new energy such as hydrogen fuel, and optimize the matching of powertrain systems.
an industry researcher told reporters that compared with other fuels, fuel cells have the advantages of long battery life, fast fuel replenishment and light weight in the two zero-emission technologies of pure electric and hydrogen energy. Therefore, the fuel cell system has obvious advantages in the application of cargo transportation. As can be seen from the policies previously issued by various places, some cities have been discussing the development of fuel cells in the freight industry.
Competitive layout of enterprise transformation and upgrading
With the support of policies, many enterprises are actively participating in the development of hydrogen energy industry.
Hongda Xingye recently announced that the first hydrogen refueling station built by its subsidiary Wuhai Chemical in Haihua Industrial Park, Hainan District, Wuhai City has been successfully put into use recently, providing qualified hydrogen for hydrogen-fueled cars, buses and industrial vehicles. It is reported that this is also the first hydrogen refueling station built in Inner Mongolia, and Wuhai Chemical plans to build another seven hydrogen refueling stations in Wuhai City, and relevant preparations are progressing in an orderly manner.
zhongtai co., ltd. announced in mid-may that with the breakthrough of key technologies and the upgrading and adjustment of energy structure, the demand for hydrogen energy in the future society will increase greatly. In order to actively promote the development of the company in the hydrogen energy industry and seek new growth points, the company plans to invest in the establishment of a wholly-owned subsidiary "Hangzhou Zhongtai Hydrogen Energy Technology Co., Ltd." (tentative name) with a registered capital of 3 million yuan, which will be funded by the company itself.
the hydrogen energy industry has also become the choice for enterprise transformation and upgrading. The reporter learned from the industry that many coal mining enterprises are actively deploying the hydrogen energy industry in Shandong, which aims at "conversion of old and new kinetic energy", and Shanxi, which is undergoing an "energy revolution". In addition, a number of liquid hydrogen enterprises are also cooperating with several major energy groups to carry out research and development in related fields. One of the problems that restrict the development of hydrogen energy industry is cost, and about two-thirds of the price of hydrogen comes from storage and transportation. Developing the application of liquid hydrogen has a positive effect on reducing the storage and transportation cost.
"At present, the enterprise's March into the hydrogen energy industry can be said to be' in a constant stream'." The above-mentioned insiders said that, especially under the impetus of such a clear and intensive policy, the relevant layout including hydrogen refueling stations will definitely accelerate this year, and it is expected that the completion of the goal of adding 5, hydrogen fuel cell vehicles to the market this year will be no problem.
Hegang Co., Ltd.: The profit has reached a new high, and the "differentiated" environmental protection policy will release the output elasticity
Hegang Co., Ltd. 79
Research institute: GF Securities analyst: sha li, date of writing: April 3, 222
1. Performance: the net profit returned to the mother in p>218 increased by 99.6% year-on-year, and the cash dividend accounted for the proportion. (1) The revenue increased by 11.%, and the income structure tilted towards the plate; (2) The price of raw materials involved has risen, and the projects under construction have been consolidated, and the operating cost has increased by 9% to 13.7 billion yuan; (3) The scale of interest-bearing liabilities is stable, but the center of financing cost has moved up, with financial expenses increasing by 19% to 4.4 billion yuan, sales expenses increasing by 7% to 1.1 billion yuan, and management expenses increasing by 6% to 2.4 billion yuan; (4) The impairment loss of fixed assets and the liquidation impairment loss of fixed assets decreased significantly year-on-year, resulting in an asset impairment loss of 84% year-on-year to 153 million yuan; (5) The net profit returned to the mother increased by 99.6% year-on-year to 3.6 billion yuan; (6) Basic earnings per share increased by 88% year-on-year to .32 yuan; (7) The weighted average ROE was 7.18%, an increase of 3.2PCT. In 218, the net profit returned to the mother hit a new high since the company went public in 1997. The company plans to distribute a cash dividend of 1 yuan (including tax) for every 1 shares, and the total cash dividend will reach 1.62 billion yuan, accounting for 29% of the net profit attributable to the parent company in that year.
222Q1: The company's revenue increased by 17% year-on-year to 29.4 billion yuan, and the net profit attributable to the mother decreased by 1% year-on-year to 37 million yuan. According to Mysteel, rebar, hot coil and cold coil decreased by 35%, 44% and 62% respectively year-on-year. It is estimated that the reason why the company's profit performance in 222 is better than the industry average is that the output increased significantly year-on-year under the "differentiated" peak-shifting production policy.
2. Plan for 222: In 222, the company plans to produce 25.77 million tons of materials, which is basically the same as the actual output of 25.78 million tons in 218; Considering that the environmental protection policy has been switched from "one size fits all" to "differentiated" production restriction, and combined with the production capacity, we judge that the completion rate of the company's production and operation targets may exceed 1% in 222. Technological innovation, quality improvement and efficiency improvement are moving towards the high end of the industrial value chain.
profit forecast: it is estimated that the EPS of the company in 218-22 will be .39 yuan, .64 yuan and .91 yuan, respectively, which will be 32.34 times, 19.94 times and 14.1 times of PE, respectively, and will be rated as "overweight".
risk warning: the price of raw materials is rising; New businesses such as fuel cells have not expanded as expected.
3. Investment suggestion: We estimate that the EPS in 222-221 will be .26/.27/.3 yuan, corresponding to the closing price on April 26th, 222, the corresponding PE in 222-221 will be 12.75/12.17/11.11 times, and the corresponding PB in 222 will be .63 times. As the second largest listed steel enterprise in China, the company has remarkable scale, technology, products and advantages. The "differentiated" environmental protection policy has weakened the binding force on the company's production capacity and output, and the company's production capacity may increase flexibility, and its valuation will be gradually restored; It is estimated that the company's PB valuation may be restored to .79 times of the company's PB_LF valuation center in 216-218, and the corresponding reasonable value is 4.13 yuan/share, maintaining the "buy" rating.
fourth, risk warning: the macro economy is going down beyond expectations; The higher-than-expected rise in raw material prices erodes profit margins; Uncertainty of environmental protection policy; The supply-side structural reform process was lower than expected.
Meijin Energy: the first quarterly report slightly exceeded expectations, and hydrogen energy is worth looking forward to for a long time
Meijin Energy 723
Research Institute: Essence Securities Analyst: Zhou Tai Date of writing: April 11, 222
Event: On April 9, 222, the company released the first quarter performance forecast for 222, and the estimated net profit for the first quarter of 222 was
Comments
After the acquisition of Fujin Coal Industry, the clean coal output increased: According to the announcement, there are two main reasons for the year-on-year growth of the company's performance. First, the company's clean coal output increased significantly compared with the same period of last year; Second, the company's newly acquired subsidiaries in 218 contributed to the current profits. In 218, the company has completed the acquisition of Fujin Coal Industry (1.8 million tons/year, with 1% equity). At present, the company also administers three mines, Dongyu Coal Industry and Fenxi Taiyue, with a total equity production capacity of 4.92 million tons/year. The downstream project of 23, nm3/h coke oven gas liquefied LNG has been put into production. According to the announcement, Runjin Chemical Co., Ltd. has completed the project of producing LNG and co-producing ammonia and urea from coke oven gas, with an equity scale of 121 million Nm3/a, an equity production scale of 18, tons of ammonia plant and an equity production scale of 27, tons of urea plant. The coal-coke-gas-chemical industry chain is fully integrated. In terms of coke, according to the data, the price of first-class metallurgical coke in Taiyuan in the first quarter was 1,863.73 yuan/ton, down 3.9% year-on-year, so the coke performance in the first quarter declined slightly year-on-year. However, with the increase in demand for steel mills to resume production in the second quarter, the coke price is expected to rise, and the company's performance is expected to continue to improve.
19 hydrogen-powered vehicles were delivered, and the output of hydrogen-powered vehicles expanded significantly in 222. According to the announcement, Foshan Feichi Automobile Manufacturing Co., Ltd., a subsidiary of the company, delivered a total of 19 hydrogen fuel cell city buses to Foshan Shunde Hongyungong Transportation Co., Ltd., Foshan Sanshui Guohonggong Transportation Co., Ltd. and Foshan Automobile Transportation Group Co., Ltd. The production capacity of hydrogen fuel cell vehicles of Feichi Automobile is 5, units/year. According to the announcement, the business goal of Feichi Automobile in 222 is to sell 1,5-2, vehicles, including 1, fuel cell vehicles.
The company has a complete industrial chain of hydrogen energy. It has the technical advantages of hydrogen energy: the company has a complete industrial chain of gas source-hydrogen refueling station-membrane electrode-fuel cell vehicle. 1) Hydrogen gas source: Based on the advantages of Meijin energy industry, it is announced that the coke oven gas in the coking process of the company is rich in more than 5% hydrogen, which can reduce the cost of hydrogen production. After being purified, the coke oven gas can be transported to hydrogen refueling stations and hydrogen fuel cell vehicles in Central China, East China and South China. 2) Hydrogenation station: At present, Feichi Automobile, which is controlled by the company, has two hydrogen refueling stations in operation, and four other hydrogen refueling stations are under construction. 3) Membrane electrode: The company has participated in Hongji Chuangneng. At present, Hongji Chuangneng membrane electrode project has been completed, and it is expected that mass production will begin at the end of 222, and it will officially reach production in 22. Hongji Chuangneng will break the overseas monopoly of membrane electrode, and the membrane electrode they developed has the characteristics of low platinum catalyst loading, continuous production process, high performance and long life, and the cost is further reduced. 4) Fuel cell vehicles: According to the announcement, in 218, the company's Feichi Automobile sold 36 hydrogen fuel cell vehicles, accounting for 23.58% of the market. In this context, the company's hydrogen energy vehicles are expected to gain a broader market space with the promotion and implementation of the "Ten Cities and Thousand Vehicles Project" related plans for fuel cell vehicles.
lead-acid batteries are developing steadily, and the lithium battery business focuses on differentiation: the company is one of the leading enterprises in the field of lead-acid batteries, accounting for nearly 6% of overseas market revenue. With the rapid development of IDC data centers at home and abroad and the demand for base station construction in overseas emerging markets, the company's traditional lead-acid battery business is expected to develop steadily. The company's lithium battery business is based on the blue ocean market such as energy storage and step utilization of power batteries, and the company's differentiated competitive strategy will benefit from the rapid development of the industry.
the layout of the fuel cell industry, the company's long-term growth space is worth looking forward to: the company takes hydrogen fuel cells as the main development direction in the future, and has formed the layout of key links such as hydrogen production, membrane electrode, fuel cell stack, fuel cell engine system and vehicle operation in the hydrogen energy industry chain by participating in the hydrogen production equipment manufacturer Hydrogen Pu Chuangneng and investing in the construction of Wuhan Hydrogen Energy Industrial Park. The strategic path for the company to build a hydrogen energy industry platform is clear. While meeting the basic requirements of clean, environment-friendly and emission-free new energy vehicles, fuel cell vehicles also have the core advantages of short charging and ventilation time and high energy density. They complement lithium-powered new energy vehicles in occasions such as anxiety about charging time and long-distance driving, and are supported by policies. The industry market prospect is broad, and the company leads the layout, and the long-term growth space is worth looking forward to.
satellite petrochemical: the mid-year report predicts high growth, and the light hydrocarbon cracking project advances steadily
satellite petrochemical 2648
Research institute: Everbright Securities analyst: Qiu Xiaofeng, Fu Kaiming Date of writing: April 25, 222
Event:
On April 18, the company released the first quarterly report of 222. Realized a net profit of 229 million yuan, +1% year-on-year; Realize cash flow from operating activities of 28 million yuan.
At the same time, the company announced the semi-annual performance forecast for 222, and it is expected to realize a net profit of 54-61 million yuan, which is +65%-87% year-on-year; That is, in 222Q2, the net profit returned to the mother will be 32-39 million yuan.
Comments:
The profit of acrylic acid was better than the market expectation, and C3 production expansion was promoted in an orderly manner. Affected by Jiangsu safety inspection (the acrylic acid production capacity accounts for 4% in Jiangsu Province) and industrial overhaul, the price of acrylic acid and ester rose by nearly 1, yuan in April compared with the lowest point at the end of March. According to the current price, we estimate that the company's net profit of acrylic acid and ester is around 1 yuan/ton, and the company's annual production and sales of acrylic acid and ester is more than 7, tons, with great price elasticity. In Q1 of 222, the profitability of acrylic acid was better than the market expectation. Among them, PDH spread is -538 yuan/ton year-on-year and -581 yuan/ton quarter-on-quarter; The price difference between propane and polypropylene is -236 yuan/ton year-on-year and -549 yuan/ton quarter-on-quarter; The spread of acrylic acid was +778 yuan/ton year-on-year and -194 yuan/ton quarter-on-quarter; The price difference between butyl ester and acid was +27 yuan/ton year-on-year and +96 yuan/ton quarter-on-quarter. In addition, the first phase of PDH and polypropylene plant were overhauled in January, which had a slight impact on the first quarter performance. Be optimistic about the performance of 222Q2. The propane price is expected to be adjusted in summer, and the PDH spread is expected to pick up; However, the profit margin of acrylic acid and ester will increase significantly compared with the first quarter, and we are optimistic about the growth of the company's performance in 222Q2. The company expects to achieve a net profit of 32-39 million in 222Q2, with a year-on-year increase of more than 5%. The company has steadily expanded on C3. The 22,-ton hydrogen peroxide project was put into production in August 218, and the 45,-ton PDH Phase II project was put into production in February 222. The smooth production of PDH Phase II will guarantee the company's 222.